14 Jul New Findings About What the Best Performance Management Software Should Have
As more companies replace antiquated yearly reviews with a more consistent and agile approach to management, the criteria for the best performance management software becomes well-defined and aligned with today’s business trends.
Recently, WorldAtWork published their Q2 journal, which noted some interesting performance management trends that are gaining momentum in organizations. While these concepts may just be gaining popularity right now, it’s safe to say that incorporating these components into your performance management system will have long-term benefits as well as major staying power.
So, to make sure you’re using an up-to-date version of the best performance management software available, ask yourself whether it incorporates each of the following components outlined by WorldAtWork:
- Support for an Open Feedback Exchange: Performance management software is effective when it facilitates ongoing communication between management and employees. According to The News & Observer, when managers and employees exchange feedback frequently, there’s better clarity on expectations, achievements, and obstacles.
- An Alternative to Ratings: Remember, ongoing performance management is about replacing the yearly review, which is typically based on formal ratings. Neither managers nor their people benefit from the inflexibility and formality of the rating scale, and in fact, top performers may never be satisfied with anything below a perfect score. As such, the best performance management software provides real-time reports about progress and performance so that managers can have informal and frequent discussions about achievements and any areas that may need improvement, taking the formality out of the equation and encouraging agility rather than rigidity.
- 360 Feedback: The concept of peer feedback is heavily debated by many business experts, but WorldAtWork predicts that it will become an important tool for building a stronger company culture and improving leadership skills. Explorance also states that 360 feedback increases self-awareness among employees and helps them achieve a balanced, unbiased overview of performance.
Ultimately, it’s up to you to determine which components the best performance management software for your company should include, but the three listed above provide a great starting point.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Performance Management Software, PERFORMview, click the button below!